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f f <br /> Applicant Classification <br /> ( a ) Land acquisition loans may be awarded to the <br /> following : <br /> 1 . Non - profit Organizations for building <br /> affordable housing units for very low and <br /> low income persons <br /> ( b ) Land acquisition loans shall result in eligible <br /> housing for the following eligible persons : <br /> 1 . Very Low - Income Persons <br /> 2 . Low - Income Persons <br /> c . Basic Award Terms <br /> I <br /> . Maximum Monetary Award <br /> The maximum monetary award for a land acquisition <br /> loan shall not exceed $ 15 , 000 . 00 per lot ( unit ) . <br /> ii . Repayment Terms / Timeframe <br /> Land acquisition loans are deferred payment loans , <br /> whereby repayment of the entire loan amount is <br /> required at the time the parcel / lot and its <br /> corresponding eligible housing unit is sold or if <br /> the assisted unit is occupied by someone other than <br /> the original loan recipient . The original transfer <br /> of loan to a very low and low income household by <br /> the non - profit organization does not require <br /> repayment of the loan . <br /> Eligible persons may pay back the entire amount of <br /> the loan at any time . <br /> Recaptured funds will be deposited in the county ' s <br /> affordable housing trust fund . <br /> Interest Rate <br /> There will be no interest rate for land acquisition <br /> loans . <br /> iv . Affordable Classification Timeframe <br /> Loans to non - profit organizations for land <br /> acquisition must be transferred to eligible very <br /> low and low income households within the time <br /> frames allowed by the Local Housing Assistance Plan <br /> 28 <br />